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People’s Bank of China (PBOC)i

The People’s Bank of China (PBOC) is the central bank of mainland China. It is responsible for carrying out monetary policy and regulation of financial institutions, including setting interest rates.

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  • This year, Agricultural Bank of China ‘will act as a major bank serving the real economy and as a cornerstone of financial stability’, chairman says
  • BOC will ‘serve as a bedrock of financial stability’: exchange filing

President Xi has told financial cadres that their monetary policy toolkit must include a controversial means of injecting liquidity into China’s economy – one that has not been used in two decades.

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People’s Bank of China governor Pan Gongsheng tells the Boao Forum for Asia on Wednesday that established international institutions, including the International Monetary Fund (IMF), are in need of reform.

People’s Bank of China (PBOC) has named two new academic advisers for its monetary policy committee, which submits advice to the State Council on key moves including interest rate changes and the value of the yuan.

After changes to its leadership and structure, and with draft laws altering its scope, China’s central bank looks to be taking on a different role from years past – one which seems notably distinct from Western norms.

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Ant Group’s Alipay and Tencent’s WeChat Pay are enhancing operations to make it easier for foreign travellers to pay for goods and services on the mainland, the world’s largest cashless society.

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Some of the 3.2 billion yuan (US$450 million) worth of commemorative coins and banknotes issued by China’s central bank may deliver handsome profits for resellers on popular local e-commerce platforms.

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Any signal Fed’s Chair Jerome Powell may choose to send is of critical importance. It all comes down to how Powell and his colleagues have been reading the recent spate of economic data.

The credit-scoring company appears to be headed for official approval to begin operations after a wait of more than two years, with the People’s Bank of China guiding its application, official says.

China’s central bank announced on Wednesday that the reserve requirement ratio for commercial banks will be reduced by 50 basis points from February 5, but analysts are expecting more supportive measures.

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China’s largest state-owned banks are lowering their deposit rates for the third time in 2023, in their latest effort to ease the pressure on their net interest margins and to improve profitability.

China is set to meet its growth economic target of ‘around 5 per cent’ this year, but potential depreciation pressure on the yuan is set to limit Beijing’s options to respond to a potential slowdown next year.

The China branches of Hang Seng Bank and Fubon Bank are also in the first batch of overseas banks to join more than 40 state-owned banks in launching their services on the e-CNY app.

China’s policymakers are turning their attention towards ‘high-quality and sustainable growth’, and are focusing on improving the country’s economic structure and forming new growth drivers, the central bank governor says.

Progress in central bank digital currencies in China is ‘already on track’ and the ‘final stage is not very far away’, said former head of the People’s Bank of China at a conference in Hong Kong.

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Standing Committee of the National People’s Congress warned some data at China’s small and medium-sized financial institutions does not ‘truly reflect the actual situation’ during a meeting last month.

The agreement with Saudi’s central bank is the 30th currency swap signed by the People’s Bank of China over the past decade, as China picked up the pace of the yuan’s worldwide usage.

China’s central bank to pursue global use of yuan while maintaining stability, and also look to support more overseas central banks, international development institutions and multinational enterprises to issue panda bonds.

Financial regulators from mainland China, Hong Kong and Macau have proposed to undertake stronger collaboration between the three jurisdictions to promote fintech in the Greater Bay Area.

People’s Bank of China (PBOC) governor Pan Gongsheng told the Financial Street Forum 2023 in Beijing the debt level of the Chinese government is at the mid-to-lower level internationally.

He will participate virtually and three top mainland Chinese regulators will attend in person for the first time as the Global Financial Leaders’ Investment Summit gets under way on Tuesday, reflecting the central government’s support of the city as an international financial centre.